Communities across America can thrive even in an adverse economy when everyone, from individuals to families to business owners, work together and put financial health at the forefront.
That was Jamie Dimon’s message at the grand opening of JPMorganChase’s new Community Center Branch in Bedford-Stuyvesant, Brooklyn, on Wednesday.
Dimon, chairman and CEO of Chase, was joined by elected officials, community members and branch employees to cut the ribbon for the branch, which is the newest of 19 community centers in the United States, including three in NYC, with dedicated space and resources for community events and financial health workshops to help members of low- to moderate-income communities build up their financial health.
“America’s a very resilient place,” Dimon said. “When you travel around America, you can go to almost any town and see there’s innovation, there’s small businesses. Communities do a better job than people think if you don’t read the mainstream press.”
While the nation faces inflation, high costs of living, and now even a dockworkers strike that can possibly turn into another economic woe, communities can still persevere.
“Of course we have challenges, and that’s been true my whole life,” Dimon said. “I think if you run the corner bakery store or this branch, you should be part of the community. The very purpose of a community branch is to hire locally, art is local, the maintenance is local, when we do food it’s local.”
And that sentiment could not be more true at the Bed-Stuy community branch, where most, if not all, of the staff is from the neighborhood and surrounding communities. A colorful mural on the facade was created by a local artist. And the food at the ribbon cutting? From Sylvia’s in Brooklyn.
Excel Construction, a local construction company, even built the location.
The Bed-Stuy branch comes on the heels of the five-year anniversary of the first Chase community center in Harlem, which, according to the firm’s research, has proved to be a success. Community banking centers from Chase not only offer traditional banking services, but also incorporate financial wellness programs to provide greater access to banking, tools and advice, and help individuals and families in underserved communities get on a path to financial health and resilience.
“When we opened the Harlem Community Center our goal was to improve access to reliable, affordable, and local banking services, and be a force for good in the community,” Jennifer Roberts, CEO of Chase Consumer Banking, said. “I’m proud to report that we did all of that and more, which is why we are continuing to expand our model to more communities across the country.”
From 2019 to 2023, secure checking accounts increased 1,889 percent in Central Harlem, according Chase reports. While account openings increased at every branch in Central Harlem, the highest percentage increase—2,256%–occurred among customers at the Harlem Community Center.
Onica Phillip, branch manager at the new Bed-Stuy location, underscored Dimon’s sentiments about the importance of financial wellness and having community banking services available for all.
“Today is not just a milestone for a bank, but an historic moment for my entire community,” she said. “Today we celebrate more than the opening of a bank, we celebrate the beginning of a new chapter here in Brooklyn. A chapter that promises growth,empowerment and opportunity for all.”
About the Chase Community Center in Bed-Stuy
The branch offers more than just telling and ATM services. It also features a team of local financial health experts focused on community engagement, mentorship and advice. The location looks and feels different from a “typical” bank, as it combines a modern design, spacious layout and the latest banking technology, reflecting how customers today do banking.
It also has several pieces of art by local artists, a large multipurpose room which can be used to host complimentary financial health workshops and pop-up shops for small business clients, and complimentary Wi-Fi for community groups and individuals on site.
Brooklyn Borough President Antonio Reynoso, who was at the opening, spoke about the importance of providing free financial counseling and services for the growing Bed-Stuy neighborhood.
“Bed-Stuy is quintessential Brooklyn. As we continue to see this community grow, community resources that support the financial well being of residents are increasingly essential.”
Chase representatives said the community center represents an investment of $5 million.
